Determined to be debt free

jkm1000

So I am £9783.17 in debt and I am determined to fix it.

£5358.69 of this is on a loan at a poor rate of 11.1% - I did this to consolidate debts as I was paying 29.9% APR and got declined for interest free credit cards, so this was the best option. I couldn't get a loan over £6000. This loans for 5 years but allows overpayments.

I also have £3398.48 on a Barclaycard at 6.9% (best offer I could get from Barclays) - bearing in mind I got declined 0% cards. Got it down from 24.9% though.
I then have £1206 on a Santander 0% overdraft (interest free until July 2017).

The plan is to try and pay this off within 18 months, wish me luck! Any tips appreciated. I've rejiggled the finance the best I could to get APRs down.

May need moral support... Today I am selling a few things on eBay to get the ball rolling.

crazy_cat_lady

Hey
Good luck with it all.
Have you done a SOA? And do you keep a record of every penny you spend? That's usually a bit of an eye opener for everyone.
There is the Make £10 a Day Thread - and the PAD thread, which are quite good.
Just jump in and join in, overall we are a friendly bunch.

jkm1000

Done a SOA, looks like 20 months to get it all paid off, including bonus from work etc.

It's going to be tough. I've just setup multiple current accounts, so that each month or week (what do you guys think is best) I can transfer my allowance for expenditure.

I have also requested a card from the bank which is not contactless, as contactless payments don't deduct from the "available" balance instantly, so all expenditure on this card should be logged.

Any tips on how to stay in budget?

Will try to locate these threads now

jkm1000

I have found the Payment a day thread, perhaps I'm being stupid but where does this money for a payment a day come from? I gone get it haha.

crazy_cat_lady

It can come from anywhere - rounding down your bank balance. Money you make from selling stuff. Cashback from Top Cashback or Quidco, surveys, loose change etc.

jkm1000

Will get involved next month I assume you can't join mid-way?

crazy_cat_lady

Course you can. Join in any time. It's amazing how quickly little payments add up - I paid almost £1000 in a month with the help of PADs. This month my PAD's are going towards paying off a family Christmas break I booked.
You should also have a browse through the diaries. Some very inspiring stuff in there...

jkm1000

Spent sometime reading some of your diary, will give it a subscription! Hope you sleep well tonight, don't worry too much - you're taking steps in the right direction and should be proud, not worried! You got this. Also worth mentioning, whilst you had to take out an extra £1000 - it was absolutely essential and you have a plan in place from the get-go to address that extra, you did right . Overall don't worry, you seem very sweet. Hope you keep posting!

Also realised, some of my debts weren't right due to work expenses, so had to figure that all out. Slightly more debt than I realised.

crazy_cat_lady

That's kind of you to say - thank you. I find the diary really helps to keep me accountable and keeps me on the straight and narrow. It's just a bonus that people have subscribed and cheer me on. I'm subscribed to about 15 diaries, and I love them.
One day at a time is all we can do.